Peter Shiff Makes a Bearish Prediction. Again.
One of the BTC’s most infamous critics, famous Peter Shiff, makes a bearish prediction regarding the BTC’s price. On the 21st of November he was a target of a massive strike, having predicted the BTC’s going down to $1000. Bearish prediction? Surely, and even more than just bearish. So the commentators joined the forces and flooded the thread in Twitter.
Peter Shiff makes a bearish pattern prediction
The gold bug, as Peter Shiff is called in the media, says that there will be a huge and quite unexpected downturn in the crypto markets. He adds that this moment can come sooner than expected.
He also says that there’s a moment now when BTC comes to the “head and shoulders” top. It is a formation, which Peter Shiff offered while talking about BTC market perspectives. This formation was pointed in the end of October, before famous 40% pump. To complete the pattern, the price will go down to $1000. Later he said that his position if firm enough and no matter how people are longing for BTC, it will do nothing to the cryptocurrency’s price.
The History of Predictions
While Peter Shiff makes a bearish prediction, the community starts remembering the infamous history of his predictions, which failed. He is well known for his comments regarding the BTC’s price. They tuned out to be false though Shiff is sure that BTC is doomed.
As a response to his comments, one of the people participating in the thread compared Shiff’s predictions to the price moves. And it turned out that in general he was right and predicted the dynamics correctly.
He, however, made another prediction, saying that gold will top $5000 sooner or later while BTC will never reach the point of $50 000. When BTC got 30% over gold, Shiff accused traders in price manipulation.